Puravankara, Keppel exit key Kolkata project

A clutch of city-based realtors, Pradeep Sureka, Sushil Mohta and Rajendra Bachhawat, have bought out a joint venture of Keppel Land, which is developing a property in Kolkata, one of two current investments of the Singapore-based developer.

Keppel was holding 37.74% stake, through its wholly owned subsidiary Wisley Pte Ltd, in a 25-acre mixed use project Elita Garden Vista at New Town near Kolkata, while Puravankara Projects of Bangalore and Magus Estates, a subsidiary of Asian Hotels (North) Ltd of the Jatia Group were the other joint venture partners, all of whom have have divested the project fully to the trio of Kolkata for Rs 150 crore.

With this, Keppel Land is now left with its proposed project at Bangalore, Elita Horizon comprising 1,419 dwelling units planned to hit the market beginning 2015 in phases.

It has 51% stake in the project which will deliver 240 units in that year

Puravankara, which was holding 36.26% stake in the Kolkata project, has received Rs 32.2 crore against its holdings, it said on Wednesday adding that it would continue with its investment in the Bangalore project.

The Kolkata property consists of 1,278 units, of which about 688 apartments have been sold in Phase 1, and the new investors would take up the next two phases.

"The consortium plans to execute Phase II and III of the project covering about 13 lakh sq ft, which will comprise multiple towers of 15–32 stories and 1.6 lakh sq ft of developed commercial space, besides speeding up the remaining few deliveries from Phase I," the city-based realtors said in a release.

A total of around 850 apartments are slated to be constructed in Phase II, it said.

Keppel has described the divestment as "capital recycling" in its disclosure.

With focus on Singapore, China, Indonesia and Vietnam, Keppel said it would opportunistically invest in other markets.

Puravankara had earlier partnered with Keppel for another property in Bangalore, Elita Horizon, which consisted of 1,573 apartments.